Known to be the third biggest expense for businesses after staffing costs and rent it is important to challenge excessive or unreasonable demands for business rates. But you must submit appeals against business rates bills before 31 March 2015 or lose out on backdated refunds.
Businesses are urged to submit a valid rates appeal on backdated revaluation claims for commercial properties in England by the deadline of 31 March 2015. In his Autumn Statement 2014 the Chancellor announced that any business rates appeals submitted after the deadline will not be backdated. This means that if a business submits an appeal on 1 April 2015 or later, and even if the rate able value of their property is reduced following the appeal, the business will lose out completely on business rates refunds for the five years from 1 April 2010 to 31 March 2015.
Business rates in England are at the mercy of hard up councils, that’s because from 1 April 2013 local councils have been allowed to keep 50% of any increase in business rates collected in their areas, instead of passing it to central government.
The next rates revaluation of commercial properties is due to come into effect from 1 April 2017, and the Valuation Office is already sending out forms to ratepayers to start collating data for this exercise.
Recently, with the backing of the Valuation Office Agency, councils have changed the rates assessment for ATM machines located in-store. While previously ATMs were counted as part of the overall rating for the premises, now they are rated separately. A reliable source estimates that each ATM could attract a rates bill of around £3,600.
Many supermarkets have already received business rates bills for in-store ATMs covering several years. Some of the larger retailers have the resources to appeal, but smaller businesses must note that time is running out to submit an appeal.
Don’t lose out on a refund ? submit your appeal today at valid rates appeal
Any questions? Schedule a call with one of our experts.
Sumit Agarwal Sumit Agarwal (ACMA ACA India), the Managing partner of dns accountants is a highly respected accountant with expertise in helping owner-managed businesses.
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